Excellon Resources (STU:E4X2) Beneish M-Score: 0.00 (As of Jun. 29, 2026)

What is Excellon Resources Beneish M-Score?

Excellon Resources STU:E4X2 +4.63% 39 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates STU:E4X2 with a GF Score™ of 39/100. The stock has 1 warning sign investors should review. Among 684 Metals & Mining companies, Excellon Resources ranks worse than 146198.68% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Excellon Resources's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Excellon Resources was -1.21. The lowest was -6.56. And the median was -4.47.

Excellon Resources Beneish M-Score Related Terms

Excellon Resources Beneish M-Score Historical Data

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The historical data trend for Excellon Resources's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Excellon Resources Beneish M-Score Chart

Excellon Resources Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-6.56

0.00

Excellon Resources Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

STU:E4X2 vs EXK: Beneish M-Score Comparison

For the Silver subindustry, Excellon Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Excellon Resources Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Excellon Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Excellon Resources's Beneish M-Score falls into.

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39GF Score

Excellon Resources Inc STU:E4X2

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Excellon Resources Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Excellon Resources for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was €2.79 Mil.
Revenue was 0 + 0 + 0 + 0 = €0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = €0.00 Mil.
Total Current Assets was €9.12 Mil.
Total Assets was €35.53 Mil.
Property, Plant and Equipment(Net PPE) was €21.52 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €2.64 Mil.
Total Current Liabilities was €9.13 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was -0.972 + -1.036 + -0.904 + -0.893 = €-3.81 Mil.
Non Operating Income was 0.418 + 0.082 + -0.035 + -0.025 = €0.44 Mil.
Cash Flow from Operations was -0.146 + -0.687 + -0.71 + -0.237 = €-1.78 Mil.

Total Receivables was €0.23 Mil.
Revenue was 0 + 0 + 0 + 0 = €0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = €0.00 Mil.
Total Current Assets was €1.74 Mil.
Total Assets was €17.56 Mil.
Property, Plant and Equipment(Net PPE) was €14.55 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.04 Mil.
Selling, General, & Admin. Expense(SGA) was €2.33 Mil.
Total Current Liabilities was €5.43 Mil.
Long-Term Debt & Capital Lease Obligation was €3.10 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2.787 / 0)	/	(0.229 / 0)
	=		/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (9.122 + 21.517) / 35.532)	/	(1 - (1.744 + 14.545) / 17.561)
	=	0.137707	/	0.072433
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	0	/	0
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.037 / (0.037 + 14.545))	/	(0 / (0 + 21.517))
	=	0.002537	/	0
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(2.643 / 0)	/	(2.332 / 0)
	=		/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 9.126) / 35.532)	/	((3.104 + 5.434) / 17.561)
	=	0.256839	/	0.486191
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-3.805 - 0.44	-	-1.78)	/	35.532
	=	-0.069374

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Excellon Resources (STU:E4X2) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Excellon Resources and its competitors. According to the industry distribution chart, Excellon Resources ranks #999999 out of 684 companies in the Metals & Mining industry.

Is Excellon Resources' Beneish M-Score too high?

Excellon Resources' current Beneish M-Score is 0.00. Based on the distribution chart, Excellon Resources ranks #999999 out of 684 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Excellon Resources has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.

How does Excellon Resources' Beneish M-Score compare to EXK?

According to the Metals & Mining industry distribution chart, Excellon Resources ranks #999999 out of 684 companies for Beneish M-Score. This places Excellon Resources in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Excellon Resources and its competitors. Excellon Resources's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Excellon Resources stock overvalued right now?

Excellon Resources (STU:E4X2) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Excellon Resources' overall GF Score™ is 39/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Excellon Resources (STU:E4X2), the current Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Excellon Resources Business Description

Industry Basic Materials Metals & Mining

Comparable Companies NEOE:SCRI TSXV:KTN XCNQ:KUYA TSXV:AGAG TSXV:SVE TSXV:MGG TSXV:IPT TSXV:APGO TSXV:BIG TSX:AGMR TSX:AG TSX:DSV TSX:AYA EXK TSX:SVM TSX:HSLV TSX:NUAG TSX:APM TSXV:SVRS ASX:USL

Other Exchanges EXNRF:USA 0UV1:UK EXN:Canada

Address 100 King Street West, 3400 First Canadian Place, Toronto, ON, CAN, M5X 1A4

Website https://www.excellonresources.com

Excellon Resources Inc is engaged in the acquisition, exploration and advancement of mineral properties. The Company also holds a portfolio of exploration-stage projects, including the Tres Cerros Gold/Silver Exploration Property in Peru, Kilgore gold exploration project in Idaho, and Silver City silver district in Saxony, Germany. The Company has one reportable segment, Peru segment, which is principally engaged in the exploration, evaluation and development of mineral properties.

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€0.21

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